Binance CEO Changpeng Zhao spoke about his company’s MENA presence during an Ask-me-anything (AMA) session. April 6.
CZ discusses existence of MENA
During the session, Zhao highlighted Binance’s presence in the Middle East and North Africa, commonly referred to as MENA.
Zhao said the region is experiencing rapid business-driven growth, writing:
“When I first came to Dubai, there were probably half a dozen cryptocurrency companies. Today there are probably more than 700.”
He also explained the blockchain situation in Africa and sees potential in the region due to its financial exclusion and lack of access to banks among its citizens.
In retrospect, Binance should have engaged MENA regulators earlier, engaged in education earlier, and come to the region earlier, he added.
Zhao added that he is personally based in the MENA region and “doesn’t just visit”. He said the region is often misunderstood by the West, calling its inhabitants “very humble, very business driven, very reasonable and very friendly”.
While the transcript of the AMA session was released today, Zhao originally answered questions on March 22 as part of Binance’s Ramadan activities.
Binance operates in 6 MENA countries
Binance operates in several MENA countries. Perhaps most notably, the company has received in principle approval to operate in Abu Dhabi in early 2022. blog post.
But the situation is not entirely positive. The United Arab Emirates (UAE) and the Emirate of Dubai have stepped up regulatory scrutiny, according to a Bloomberg report. April 5thAs a result, Binance and other cryptocurrency companies are being asked to provide a significant amount of information in order to remain compliant with the law.
Within the MENA region, Binance operates in Nigeria, South Africa, Egypt, Israel, Saudi Arabia, and the UAE (including Dubai and Abu Dhabi), according to its website.
CZ’s post highlighting Binance’s MENA presence at the AMA first appeared on CryptoSlate.
